Katherine Forrest: You'd smile too if you were this rich.
I recently wrote about Katherine B. Forrest, the celebrated litigatrix nominated to a federal judgeship on the breathtakingly prestigious Southern District of New York. Forrest currently serves as a deputy assistant attorney general in the Department of Justice’s antitrust division, but before joining the DOJ she was a longtime partner at Cravath, Swaine & Moore — a premier, if not the premier, American law firm. Forrest was one of CSM’s most popular (and most powerful) young partners.
So here’s what I wondered: Why did the amazingly accomplished Forrest, a partner at super-lucrative Cravath for over a dozen years, declare a mere $4.3 million on her net worth statement? Granted, $4.3 million is nothing to scoff at; KBF is rich (even by Elie’s standards). But it seemed to me that a lawyer of her distinction, who was a partner at a top firm for such a long time, should be even richer.
Thanks to information from helpful readers who saw my earlier post, I now know the truth. As it turns out, Katherine Forrest is considerably wealthier than that $4.3 million number suggests.
Katherine Forrest: Why isn't her net worth higher?
As I’ve previously mentioned, one of my favorite parts of the judicial nomination process is the attendant financial voyeurism. Judicial nominees are required to make detailed disclosures about their finances, allowing us to learn about their income and net worth. For example, thanks to her nomination to the Supreme Court last year, we got to learn about Elena Kagan’s net worth.
Last week, the Senate Judiciary Committee released financial disclosure reports for several of President Obama’s recent judicial nominees — including antitrust litigatrix Katherine B. Forrest. Forrest has been nominated to the mind-blowingly prestigious Southern District of New York, perhaps the nation’s finest federal trial court. As a highly regarded lawyer who has won numerous awards and accolades (listed in her SJC questionnaire), Forrest will fit right in if confirmed to the S.D.N.Y. — a superstar among superstars.
The fabulous Forrest currently serves as a deputy assistant attorney general in the Department of Justice’s antitrust division. She joined the DOJ last October — a commendable public-service commitment that required her to relinquish her partnership in one of America’s mightiest and most prestigious law firms, Cravath, Swaine & Moore. When she left to pursue government service, Forrest had been a Cravath partner for over 12 years (since 1998), and had been with the firm for about 20 years in all (since 1990).
At the time of her departure for the Justice Department, Katherine Forrest had been taking home hefty paychecks for decades. First she was an associate at Cravath, which pays its people quite well, in case you hadn’t heard. Then she was a partner at the firm (reportedly one of the most well-liked and most powerful younger partners) — from 1998 to 2010, a period in which average profits per partner at CSM routinely topped $2 million and occasionally exceeded $3 million. And remember that Cravath is a lockstep partnership with a reported 3:1 spread, meaning that the highest-paid partners make no more than three times as much as the lowest-paid partners. So it’s not possible that she was earning, say, $400,000, while other partners were earning millions (which can be the case at firms with higher spreads).
In light of the foregoing, what is Katherine Forrest’s net worth, according to her Senate Judiciary Committee financial disclosures? Not as much as you might expect….
On Tuesday, Ropes & Gray was sued in Manhattan federal court by a former partner, Patricia A. Martone. Martone’s lawsuit claims age discrimination, sex discrimination, retaliation, and interference with protected retirement benefits in violation of ERISA (the basis for federal jurisdiction in the S.D.N.Y.).
As you might expect from an ex-Ropes partner, Martone has some high-powered counsel: Anne Vladeck, one of New York’s top labor and employment lawyers, widely regarded as the queen of employment discrimination law. Vladeck famously (and successfully) represented Anucha Browne Sanders in her sexual harassment lawsuit against Isiah Thomas and the Knicks.
Patricia Martone is a veteran intellectual-property litigatrix, a specialist in patent litigation, with almost 40 years of practice under her belt. She made partner at Fish & Neave, the well-known patent law firm, in 1983, and then became a Ropes partner in 2005, when Ropes absorbed Fish. She’s now a partner at Morrison & Foerster, which she joined in October 2010.
Why did she leave Ropes? Let’s have a look at Patricia Martone, and her lawsuit….
Although I now live in New York, I lived in D.C. for several years before moving back to NYC. And while I was in Washington, few trial lawyers were more renowned around town than Michele Roberts. A legendary litigatrix celebrated for her skill in the courtroom, Roberts was at Akin Gump — home to other top talent, such as John Dowd, now defending Raj Rajaratnam — from 2004 until recently.
Very recently. Yesterday the news broke that Roberts was leaving Akin Gump and joining global mega-firm Skadden. Skadden trumpeted the news in a press release, noting that Roberts “is widely recognized as one of the nation’s premier trial lawyers,” with over 100 jury trials under her belt.
Roberts has a somewhat unusual background for a Biglaw litigation partner. Let’s learn more about her….
Testimony is now over in the trial of Gerald Ung, the Temple Law student facing charges of attempted murder and aggravated assault stemming from a shooting in January 2010. Ung shot Eddie DiDonato, a former Villanova lacrosse captain and the son of a politically connected partner at the Fox Rothschild law firm.
Throughout the trial, Ung’s counsel, renowned Philadelphia defense lawyer Jack McMahon, has argued that his client acted in self-defense. As he said in his opening statement, “This case is about privileged, drunken bullies, four guys, tough guys, big-muscle guys. It’s unfortunate what happened to this young man [DiDonato], but it was their own fault.”
Today Gerald Ung got to drive this point home, in his own words. In a rare move for a criminal defendant, Ung took the stand, testifying for almost two hours.
How did Ung do? Let’s find out — and play the role of jurors, by voting in a reader poll….
Might we be seeing a new trend, namely, federal prosecutors moonlighting as novelists?
Last year, as part of Above the Law’s Career Alternatives series, we profiled Allison Leotta, an assistant U.S. attorney in D.C. who wrote a well-received thriller, Law of Attraction. Today we introduce you to Natalie Lee — an assistant U.S. attorney in Savannah, former associate at Alston & Bird, and author of a new novel, Save as Draft. (When looking up the book, please note that Natalie writes under a pen name, “Cavanaugh Lee.”)
Like Law of Attraction, Save as Draft has garnered some nice reviews. A post on Chick Lit Reviews, for example, praises the book as a “fantastic read that all of us technology addicted Chick Lit fans will absolutely fall in love with, a must read!”
The reference to technology addiction relates to the novel’s ingenious premise. I discussed that premise — along with other topics, such as the inspiration for the book’s law firm partner / villainess, a products-liability litigatrix named Rose — in a recent interview with Natalie Lee….
It’s time for a brief postscript on one of this month’s juicier (and well-trafficked) stories: the dismissal of three women associates from litigation powerhouse Boies Schiller. We have a few additional tidbits that we can share with you.
But this is probably the last story we’ll be doing on this drama, since we don’t expect anything else to emerge. One piece of information we’ve received is that the associates were offered severance pay — “very generous” severance, in the words of one source — but had to release any claims against the firm in exchange. All three took the deal, including the expectant mother. So don’t expect any “Aaron Charney for pregnant women”-type lawsuits.
What other details can we reveal about the situation?
A Supreme Court clerkship is, in the words of Adam Liptak of the New York Times, “the most coveted credential in American law.” When SCOTUS clerks leave their posts at the Court to join private law firms, they get signing bonuses of as much as $250,000 (on top of normal associate salaries and bonuses).
But typically they join their firms as associates (or maybe counsel, if they have a few extra years of practice in addition to clerking). How many clerks come in to Biglaw as partners?
As reported yesterday — by Tony Mauro in The BLT and by Marisa Kashino in Washingtonian magazine, among others — at least one Supreme Court clerk from the Term just ended, October Term 2009, is going to straight into a partnership at a major law firm.
Meet Elizabeth Papez. She clerked for Justice Clarence Thomas in OT 2009. Now she’s joining the D.C. office of Winston & Strawn, where she will practice in commercial and appellate litigation, with a focus on intellectual property and energy law, as well as government relations.
We interview Papez about her interesting career path, after the jump.
A college graduate without student loan debt is akin to reading a kind quote about Kim Kardashian in a tabloid—it’s rare.
In the past eight years, student loan debt has nearly tripled to a whopping $1.1 trillion, and in the past 10 years, the percentage of 25-year-olds with such debt has risen from 25% to 43%
It’s gotten so bad, in fact, that New York Fed economists warned last month that the burden of student debt could stilt consumer spending by twentysomethings, as well as further hamper the recovery of the housing market and economy.
To get a better idea of what massive student loan debt (we’re talking over $100,000 massive) looks like, we talked to an attorney who graduated with a large student loan debt. We also consulted LearnVest Planning Services CFP® Katie Brewer to see just how their repayment plans stack up.
S. Fischer, 36, Attorney Graduated: 2001
How Much I Borrowed: $100,000
What I Still Owe: $45,000
LexisNexis and OverDrive®, the digital library solutions provider chosen by 22,000+ libraries, schools and colleges worldwide, have joined forces to provide a library management solution that suits evolving legal research requirements mobility, simplified library management, and space and budget reductions.
Reduce your library costs and extend the budget.
With LexisNexis® Digital Library, overhead and administrative costs for maintaining a print library are reduced dramatically. Adopt an easy-to-use platform that requires minimal staff resources so your organization can make the most out of your library budget. Plus, multi-year purchase options let your library lock in savings.
Empower your librarians.
Your firm’s librarians will have more time to conduct value-added research. They’ll have greater insight into what resources the staff actually uses so they can make adjustments to the collection quickly using a single website. Librarians can gain greater control, which can lead to better library utilization and increased strategic value to the firm.
Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past six years. You can reach them by email: email@example.com.
Deal flow has clearly picked recently up for most US associates, counsels and partners in Hong Kong/China and Singapore. We are on the phone with a lot of these folks on a daily basis, many of whom we have known for years. Further, the head of our Asia team, Evan Jowers, and Kinney’s founder and president, Robert Kinney, frequently meet in person with leading US partners in Asia to assess their needs and keep on top of the inside scoop at as many firms as possible. The need for legal recruiting help in Asia from experienced recruiters appears to be live and well. In March, Evan and Robert were in Beijing at such meetings, in April, Evan was in Hong Kong, and for half of June Evan will be in Shanghai and Hong Kong. Thus its pretty easy for us to tell when there has been an across-the-market pick up in capital markets and corporate work.
On an average day in Asia when Evan and Robert visit firms, they typically have 5 to 9 meetings a day, mostly with US partners in the market. The reason they have these meetings is not simply because Kinney makes a lot of US attorney placements in Asia and that a particular firm may have openings; instead these are just visits with friends. After years of working together as business partners, the folks at Kinney are actually these peoples’ friends. The firms Kinney work closely with in Asia (which is just about every law firm – call us if you want to know the one firm in the world we will never place anyone with again, ever, and why) look forward to the visits, or at least act like they do. After seven years in the market, many of the client partners are former associate candidates. Also, these US partners see Kinney as a very good source of market information as well, because they know how deep their contacts are in the market and how frequently they are speaking to counterparts at peer firms.
The traditional job application and interview process can be impersonal, and applicants often struggle to present themselves as more than just the sum of their GPAs, alma maters, and previous work history. ATL has partnered with ViewYou to help job seekers overcome this challenge. ViewYou NOW Profiles offer a unique way for job seekers to make a personal, memorable connection with prospective employers: introduction videos. These videos allow job candidates to display their personalities, interpersonal skills, and professional interests, creating an eDossier to brand themselves to potential employers all over the world. Check it out today!